PG&E (PCG) is upgraded to Buy from Hold at Jefferies, which says the stock will trade at an...

PG&E (PCG) is upgraded to Buy from Hold at Jefferies, which says the stock will trade at an earnings multiple equal to the average of its peers once the San Bruno proceedings are resolved in mid-2013. PCG has underperformed due to this regulatory uncertainty, but shares could be penalized by less than expected, which would mean upside to current estimates.